Revealing the hidden costs of taxi travel

As crucial as taxis are for moving employees from A to B, it may be surprising to find that very few organisations have a true understanding of the hidden costs surrounding business taxi travel.

As the UK’s leading managed taxi service, Cabfind has commissioned independent research to highlight both the time and cost impact of taxi travel and the implications this can have on organisations across the UK, a summary of which can be seen below.

IMPACT ON TIME

The administrative task of processing expense claims is a burden most organisations have to face. Our survey found that 60% of respondents fill in expenses during working hours.

When combined with the average amount of monthly receipts and the time taken to process a single receipt, an individual can be spending over an hour a month on expense administration.

Multiply this across an entire business and the time impact can be severe.

Cabfind’s managed taxi service reduces this burden, as the passenger is no longer required to retain receipts or process taxi expense claims. With a robust taxi management policy in place, companies benefit from time savings and operational efficiencies.

60% of travellers fill out expense form in work hours

10

Average of 10 minutes to fill out a single claim

5

5 taxis taken per month on average

90% of travel expenses are monitored by another person

Impact on Cost

The traditional practice of providing a blank receipt by taxi drivers leaves organisations exposed to a number of issues when reconciling expense claims. We found over half of respondents round taxi expense claims up by an average of 25%, while a third admit to forgetting the fare before they write it down, leading to potential discrepancies and over-claiming, whether intentional or not.

Cabfind’s managed taxi service removes the risk of claiming errors, with a consolidated invoice providing full visibility of taxi costs across your business.

36%

forget taxi charge before they write it down

55%

companies don't have a defined taxi expense policy

51%

travellers will round up taxi expense claim by an average of 25%

54%

use the same taxi provider for every journey

75%

pay by cash

13%

75% of respondents tip drivers by an average of 13% fare

Want the full picture?

To find out more about the hidden costs of taxi travel, download our free taxi expenses review today